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Pre-tax losses for the year included a further £1 million impairment charge on IT and software development costs, adding to a £4.1 million charge booked in the 2015 year which resulted in the group booking a £3.7 million pre-tax loss.

On the IT project, the group notes a decision was made in the 2016 year to “indefinitely postpone further investment in the partly implemented project”.

Swire Oilfield Services notes it issued new shares again in the 2016 year, resulting in £10 million of additional share capital, having booked a similar share issue in the 2015 year.

On an operating level, losses widened to £7.9 million in the 2016 year, up from £7.3 million in 2015.

Revenue in the UK fell 38 per cent to £16.5 million and fell 17 per cent in rest of world to £3.4 million.

Losses before impairments and a £1.9 million post-tax pension scheme loss relating to deficit funding of the defined benefit scheme, widened to £6.8 million, up from £1.2 million in 2015.

Swire Oilfield Services notes it delivered a “satisfactory financial performance in a competitive and challenging market during the financial year” and it adds it intends to “continue to develop” its container and chemical tank hire business.

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Director George Shearer notes in accounts now with Companies House, while the oil prices have remained around the $50 mark for some time now, down from highs of $115 a barrel in June 2014, he believes prices “may still be some way from a full recovery”.

Shearer said Swire Oilfield Services will take the “necessary measures” to ensure it achieves a sustainable future and will monitor its future capital investments accordingly.

The company notes it ended the 2016 year with 172 staff, down from 202 in 2015.